I picked up this tool, along with some pipe threading tools, not sure what it is...

It's a ratchet of some sort. Might help if you get pictures of the parts on the top, like if there is an opening on the shorter part at the ratcheting part. Is it threaded inside? 

I think it's a drill  Think a bit and brace combined with a beam drill. 

It is what I've come to know as a blacksmiths drill, but I could see it being used to good effect by a boilermaker needing rivet holes in plates or a joiner on timber.

Google "Keystone reversible racket" 

It would have been used with a clamp of some description.

"ratchet drill"  Those holes in the extension should be for a pin to turn the "feed screw" portion which should extend.Might be long jammed but a good soaking will probably allow it to move again.

 

Thank you so much! Learn something new every day. It appears to be made by ASHCROFT MFG CO. Bridgeport, CT & New York

Never seen one of those. Pretty neat. 

Also used to drill between joists or ribs and other confined spaces.

52 minutes ago, Kozzy said:

"ratchet drill"  Those holes in the extension should be for a pin to turn the "feed screw" portion which should extend.Might be long jammed but a good soaking will probably allow it to move again.

 

It loosened right up, still had a little grease inside. Thanks for the info!

Now you have a new quest when dumpster diving, swap meeting, and antiquing---finding twist drills with square shanks to match the socket.  I assume there was some sort of adapter to round shank drills available but where's the fun in that?

Well that's neat.  I have a ratcheting handle for confined spaces (brace and bit)  but there is nothing to feed  like this.  Learn something new everyday.

 

10 hours ago, Kozzy said:

Now you have a new quest when dumpster diving, swap meeting, and antiquing---finding twist drills with square shanks to match the socket.  I assume there was some sort of adapter to round shank drills available but where's the fun in that?

could you not just forge the end square?

I wouldn't forge a new drill bit, you'd ruin the heat treatment that way. Instead look up the video on YouTube (everyone gasps I know) showing how twist bit is made and replicate that with a square end that'll fit.

That tool looks perfect for drilling through joists overhead for piping.  It would sure beat getting wacked in the side of the head with a hole hawg.  If I understand the feed mechanism correctly it would put pressure against the next joist and thus eliminate the need for force being applied by the operator.  In regards to the square taper Lee Valley Tool sells some taper adaptors that might be able to be used.  I have a couple I got from them that I use in my brace and bits.  Also you could get a chuck set up for a Morse Taper, take it apart and forge it to the apporpriate square taper.  If you want to try that I have such a Morse Taper chuck from a mini lathe that was stolen I would be happy to send you.